Entirely unoriginal, but I couldn't resist taking this photo from the dais before my recent lecture at the HSBC Global Markets Conference, Latin America, held at Los Cabos, Mexico. (One of the audience members suggested it should be entitled "Hands up if you thought Wilmott's talk was the best of the conference?" But he suggested that before I spoke.)

Los Cabos is a desert-like resort near the tip of Baja Sur. Multi-million dollar properties are being snapped up by retiring Americans. Call me old fashioned, but with global warming isn't a desert the last place you would want to buy a retirement home?